Krishnamurthy & Co (K Law) advised Biocon Biologics India when Tata Capital acquired a 0.85% stake in it for ₹2.25 billion (US$30 million). Platinum Partners advised Tata Capital, which invested through Tata Capital Growth Fund II.
Biocon Biologics India is a subsidiary of Biocon, a listed biopharmaceuticals company.
K Law’s team comprised partner Shwetambari Rao, associate partner Jeevith Belliappa, senior associate Puneet Prabhakar and associate Namratha Satish. Supriya G, a company secretary at the firm, also advised on the deal.
“Managing stakeholders’ expectations while ensuring that the company retained its operational flexibility” involved a balancing act, Rao told India Business Law Journal, as Tata Capital was investing as a follow-on investor. In January, True North had acquired a 2.44% stake in Biocon Biologics.
The transaction is expected to close by mid-August, at which point Biocon will hold a 95.25% stake in Biocon Biologics. Biocon said that Tata Capital’s investment “will enable Biocon Biologics’ future growth through prudent capital allocation”.